Resolution No. 5061 - Laserfiche WebLink

Home Browse Search

New Money Bonds, such notice being in substantially the form attached to this Resolution as Exhibit "A" (the "Notice "). The Notice shall specify the last date on which petitions may be submitted, and the City, acting by and through EWEB, shall cause the Notice to be published in The Register- Guard, Eugene, Oregon, a newspaper of general circulation within the boundaries of the City, in the same manner as are other public notices of the City. NOW THEREFORE, based upon the above findings, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1 Authorization of New Money Bonds and Publication of Notice; Purpose of Issue Based on the above findings, subject to the prior publication of the Notice and the expiration of the 60 -day period following the publication of the Notice without the receipt of a petition meeting the requirements of ORS 287A.150 for an election questioning the issuance of the New Money Bonds, which facts and circumstances shall be determined conclusively and for all purposes by any individual designated by EWEB, the City Council hereby authorizes EWEB, on behalf of the City, to issue and sell the New Money Bonds designated as the "City of Eugene, Oregon Electric Utility System Revenue Bonds," in one or more series, in the aggregate principal amount of not to exceed $45,000,000, for the purpose of financing the New Money Project, and to fund any required reserves and costs of issuance, and to publish the Notice as aforesaid. If petitions for an election, containing the valid signatures of not less than five percent of the City's qualified electors, are received within the time indicated in the Notice, the question of issuing the New Money Bonds shall be placed on the ballot at the next legally available election date. If such petitions are received no New Money Bonds may be sold until the question of whether to issue the New Money Bonds is approved by a majority of electors living within the boundaries of the City who vote on that question. Any such petitions will be subject to the Act and Sections 2.960 - 2.1005 of the Eugene Code, 1971. Capitalized terms used but not defined herein shall have the meaning assigned in the Bond Resolution, unless the context clearly requires otherwise. Section 2 Authorization of Refunding Bonds; Purpose of Issue Based on the above findings, the City Council hereby authorizes EWEB, on behalf of the City, to issue and sell the Refunding Bonds designated as the "City of Eugene, Oregon Electric Utility System Revenue Refunding Bonds," in one or more series, in an amount not to exceed $38,000,000 for the purpose of refunding all or a portion of the Series 2002C Bonds and Series 2003 Bonds, and to fund any required reserves and costs of issuance of the Refunding Bonds. Section 3 . Conditions of Issuance and Sale The City Council hereby prescribes that: (a) The Bonds of each series shall: (1) Mature not later than thirty (30) years from the date of issuance of the series; (2) Be sold through public competitive sale and awarded to the bidder offering the most favorable terms to EWEB, on behalf of the City, or sold Resolution — Page 3